tv [untitled] January 11, 2014 6:30am-7:01am PST
thousand square feet at the pier 9 and pays an annual debt of $443,000 duo to date they've made a if $24 million 1ri6789 for improvement. they've made improvements to the south side of pier 89 and the port is currently rectifying the plan for a paperwork let located on the portion of the pier which is a condition of the ac/dc permit. autodesk is proposing to add an additional 34 hundred secret of space which is for the purpose of constructing it's robotics r&d lab. the third requests autodesk to
investor into the space because consideration for thought development the provide a period for the purpose of the involvement and also a representative be credit in the amount of $440,000 the net capital improvement by autodesk is $1.6 million. the amendment provides a rent to the port and the third amendment is subject to the board of supervisors approval and it brought before you because the term, the rent consider exceed the rent portion perimeter. that concludes my presentation >> thank you. >> so moved. >> second. is there any public comment?
any discussion by commissioners. well autistic desk is a great client or tenant to have so we are going to say all in favor >> i. >> i. >> item 10 the issuance of san francisco revenue bonds to fund certainly improvement in the aggregate privilege not not to exceed $30 million not to exceed 12 percent to the indid you form an opinion of trust between the board and trustee and 3 the negotiated sale pursuant to a bond purchase contract and to enter into the contract team and 5 the form of a bond purpose k5k9 nooifd not to exceed and through the interest costs.
>> good evening. i'm here this evening with christen chu our financial viruses and bond council and given the late hour i will try to make that as brief as possible. i'll be back on january 14th for the premier statement and will give the commission additional time to ask questions at that time. this financing plan is not now a to you open may 14 of this year you approved the cruise ship terminal. at that time, i was asking for a amount of 24 u $24 million and now thirty all to reflect the ability to address potential
market urban certainty by the way, there are no change in the project fund requested. the approval i'm requesting is the the issuance of the bodies for not to exceed thirty million a second supplement of induplicative trust and bond authority for the executive director to enter into a contract with the under writer in the form of the purpose argument. as you're aware one of our biggest changed of having limited resources to addressing address an aging infrastructure. and there the ports policy through our private partnerships. the capital policy loudest us to address the chronic infrastructure meditates and the debt helps with the strategic
facility. we're balancing the need to address the repair replacement with the deserve to help with the enhancement. we first identify where the capital projects are. as i said they support our revenues. we looked accident coverage in terms of net revenues related to the debt services. we look at our ability to forecast the tools and meet our operating expense and obviously our debt payment and to fund on the one hand our ongoing programs. regarding our outstanding obliterations we have
$75 million outstanding between your bonds and certificates of participation. our annual pavement a are 5.6-hundred million dollars. the proposed bonds will fund the cruise ship terminal and 3 million prejudice or bias for the historic program. there's bond issuance program for a total anticipation uses of 24 mole and an additional authorization to deal with any uncertainty in the market for a total authorization of thirty million. we expect the issuance to be around 29 million. our crews ship terminal this is the total budget by the various component of the project and just to reiterate this is very large scale investment that addresses the park and maritime
short power etc. one thing to snoet that we while it's a large development we have any other funding funds 20 percent from the city through the voter and general obligation bond and a direct payment from the bond. this is the phase two sources and i can see the revenue bonds highlighted at the 19.5 million and it's a 50/50 split between port soured. we did a good job at getting other sources and support for this project. the northern waft historic piers when we were here in may he said we wanted to find some improvement we can delivery sup
>> i'm happy to recommend this is deal with super struck notices and it's currently red tagged it's a historic fatality and on the national historic district so it's a win-win to find an economic project to bring this jewel back into at large use wore we're asking for more fund for reagan occupant u up to this point for other america's cup or other tenants. in terms of annual payment this brings us to outstanding debt which 899 million of annual debt in the first 10 years.
your budget for another assumes 7.6 million with the ability to meet our 20 percent. in terms of where we think the pricing and rates will come cabin the currency market and your credit we're estimating the rate of 9 percent and this shows the blending rate for the nodding bonds 6 on the 6 is percent and in a torture market and even though recent sale is obviously relying open the city's consider. terrorists are going up but it's a excellent time to borrow. this slow down shows coverage. we show it by our bonds and it's
the way we analyze it and added in the certificate of participation and one increase in the par amount. and i can see that we're maintaining really good coverage with the portfolio but excellent coverage when you shrewd i include the certificate of participation. in terms of our bonding capacity this slide show us the passenger facility and it supports 16.8 million that will be pill on the bonding capacity so our current bonding capacity is 48.8 million will be reduced to 7.8 million for a new capacity of 6.1 million we shouldn't
issue this debt today but that's what coverage suggests we can do. in terms of structure it's thirty years the taxable debt will be a.m. terrorized in the ferries year the structure is proposed to lower the overall cost support. the second supplement of indenture our security guard 80 asked to be approved today and once we've got a negotiated sale we'll come back and report to you. in turn of next steps we'll be meeting with the rating agencies in january and february and will present the ports financial picture. they'll present their rates they'll give the credit recommendation to the committee and we'll receive our rating.
we'll be coming back on january 14th all of the estimates projections i was showing you is based on february 28th and we're fine tuning and go through the board of supervisors and post the preempt statement and sell the bonds in march or february if bore lucky. and so i'm and the team is here to answer any questions >> so moved. >> second. second >> any public comment? commissioners any questions? >> must be the time of day (laughter). >> great presentation and
great transparentcy good job easy to understand. >> all in favor, say i. >> resolution is passed thank you. >> item 11 new business. >> any new business from any commissioners? >> i want to at this point thank the sxheb and commissioner katz and executive director to our fine staff. thank you. it's enjoyed working and i'm looking forward to 90 fingerprinting >> this was lovely. okay. this is at the last meeting of the year doesn't feel like it doesn't it. you're the president >> happy holiday to everyone.
it's be it's been an nightmares where we had the moratorium and the america's cup and a lot of activity. we did a lot of work on the maintenance side and even though engineering. we had the one hundred and 50 anniversary it was really yesterday so it's been one of the most active years even in my short time on the commission. i think we, feel like a well deciphered holiday is coming up and yet we have obviously lots of great issues and challenges that. today, we heard a couple of them we've got more coming in n that regard. we have a lot of transactions we're looking at the streams and
i think that is going to be interesting as we chart the course. and on the financial side i'll discuss with monique whether we have a more strategic discussion or where we're heading we can take a breather now. i'm reminder that because i got the audited financials and a there's some trends in there we have to be mindful. i want to thank my commissioners i've jousted working with each of you. i i know you have your interaction with the staff but in terms of interactions among commissioners we've been able to talk through them even if we have differences of opinions but
one of the accomplishment it may not always be the case we vote in unison we seem to come to a consensus and that's good we try to work the issues out so we can have a full understand by the time we get to vote something and that's a consider to everyone involved thank you. is that enough >> yeah. >> i move to adjourn the meeting in memory of nelson mandela. >> second. >> all in favor, say i. >> i. >> thank you, commissioners there was a long meeting there was a party that started in her at 6:00 p.m. and as soon as we vacant the room they can start
of innate in human beings, i think, that tend to recognize a good spot when you see it, a spot that takes your breath away. this is one of them. >> an icon of the new deal. >> we stood here a week ago and we heard all of these dignitaries talk about the symbol that coit tower is for san francisco. it's interesting for those of us in the pioneer park project is trying to make the point that not only the tower, not only this man-built edifice here is a symbol of the city but also the green space on which it sits and the hill to which is rests. to understand them, you have to understand the topography of san francisco. early days of the city, the city grows up in what is the financial district on the edge of chinatown. everything they rely on for existence is the golden gate. it's of massive importance to the people what comes in and out of san francisco bay.
they can't see it where they are. they get the idea to build a giant wooden structure. the years that it was up here, it gave the name telegraph hill. it survived although the structure is long gone. come to the 1870's and the city has growed up remarkably. it's fueled with money from the nevada silver mines and the gold rush. it's trying to be the paris of the west. now the beach is the suburbs, the we will their people lived on the bottom and the poorest people lived on the top because it was very hard getting to the top of telegraph hill. it was mostly lean-to sharks and bits of pieces of houses up here in the beginning. and a group of 20 businessmen decided that it would be better if the top of the hill remained for the public. so they put their money down and they bought four lots at the top of the hill and they gave them to the city. lily hitchcock coit died
without leaving a specific use for her bequest. she left a third of her estate for the beautify indication of the city. arthur brown, noted architect in the city, wanted for a while to build a tower. he had become very interested in persian towers. it was the 1930's. it was all about machinery and sort of this amazing architecture, very powerful architecture. he convinced the rec park commission that building a tower in her memory would be the thing to do with her money. >> it was going to be a wonderful observation place because it was one of the highest hills in the city anywhere and that that was the whole reason why it was built that high and had the elevator access immediately from the beginning as part of its features. >> my fear's studio was just down the street steps. we were in a very small apartment and that was our
backyard. when they were preparing the site for the coit tower, there was always a lot of harping and griping about how awful progress was and why they would choose this beautiful pristine area to do them in was a big question. as soon as the coit tower was getting finished and someone put in the idea that it should be used for art, then, all of a sudden, he was excited about the coit tower. it became almost like a daily destination for him to enjoy the atmosphere no matter what the politics, that wasn't the point. as long as they fit in and did their work and did their own creative expression, that was all that was required.
they turned in their drawings. the drawings were accepted. if they snuck something in, well, there weren't going to be any stoolies around. they made such careful little diagrams of every possible little thing about it as though that was just so important and that they were just the big frog. and, actually, no one ever felt that way about them and they weren't considered something like that. in later life when people would approach me and say, well, what did you know about it? we were with him almost every day and his children, we grew up together and we didn't think of him as a commie and also the same with the other. he was just a family man doing normal things. no one thought anything of what
he was doing. some of them were much more highly trained. it shows, in my estimation, in the murals. this was one of the masterpieces. families at home was a lot more close to the life that i can remember that we lived. murals on the upper floors like the children playing on the swings and i think the little deer in the forest where you could come and see them in the woods and the sports that were always available, i think it did express the best part of our lives. things that weren't costing money to do, you would go to a picnic on the beach or you would do something in the woods. my favorite of all is in the staircase.
it's almost a miracle masterpiece how he could manage to not only fit everyone, of course, a lot of them i recognized from my childhood -- it's how he juxtaposed and managed to kind of climb up that stairway on either side very much like you are walking down a street. it was incredible to do that and to me, that is what depicted the life of the times in san francisco. i even like the ones that show the industrial areas, the once with the workers showing them in the cannery and i can remember going in there and seeing these women with the caps, with the nets shuffling these cans through. my parents had a ranch in santa rosa and we went there all summer. i could see these people leaning over and checking.
it looked exactly like the beautiful things about the ranch. i think he was pretty much in the never look back philosophy about the coit. i don't think he ever went to visit again after we moved from telegraph hill, which was only five or six years later. i don't think he ever had to see it when the initials are scratched into everything and people had literally destroyed the lower half of everything. >> well, in my view, the tower had been pretty much neglected from the 1930's up until the 1980's. it wasn't until then that really enough people began to be alarmed about the condition of the murals, the tower was leaking. some of the murals suffered wear damage. we really began to organize getting funding through the arts commission and various
other sources to restore the murals. they don't have that connection or thread or maintain that connection to your history and your past, what do you have? that's one of the major elements of what makes quality of life in san francisco so incredible. when people ask me, and they ask me all the time, how do you get to coit tower, i say you walk. that's the best way to experience the gradual elevation coming up above the hustle and bustle of the city and finding this sort of oasis, if you will, at the top of the hill. when i walk through this park, i look at these brick walls and this lawn, i look at the railings around the murals. i look at the restoration and i think, yeah, i had something to do with that. learning the lessons, thank
you, landmarks meet landmarks. the current situation at pioneer park and coit tower is really based in public and private partnership. it was the citizens who came together to buy the land to keep it from being developed. it was lily hitchcock coit to give money to the city to beautify the city she loved of the park project worked to develop this south side and still that's the basis of our future project to address the north side.
reflecting waters of the sub rounding lagoon and fraying rant eucalyptus trees, special dates and memorable proposals. it is the perfect picnic spot to relax with that special someone by listening to water and fountain in the lagoon and gazing as the swans go gracefully by. beautiful to view from many locations along the lagoon and inside the columns is an ideal place to walk around with your loved one. the palace of fine arts is the most popular location in the city arts system. reservations for weddings and reservations for weddings and other events ok, well, remember last week when you hit vinny in the head with a shovel? [chuckling] i do not recall that. of course not. well, it was too graphic for the kids, so i'm going to have to block you. you know, i got to make this up to you. this is vinny's watch. ok, well, remember last week when you hit vinny in the head with a shovel? [chuckling] i do not recall that.
of course not. well, it was too graphic for the kids, so i'm going to have to block you. you know, i got to make this up to you. this is vinny's watch. for the historic meeting between the small business commission and the transportation agency. >> these are two meetings. >> director brink man? >> present >> lee. >> present. >>